KUALA LUMPUR, June 14 (Xinhua) -- Malaysia's retail industry recorded a promising growth rate of 18.3 percent in retail sales in the first quarter of 2022, as compared to the same period in 2021, according to Retailed Group Malaysia (RGM) on Tuesday.
RGM said in its retail industry report that the latest quarterly result was higher than the estimate made by members of the Malaysia Retailers Association (MRA) and the Malaysia Retail Chain Association (MRCA) at 16.5 percent in March.
RGM said so far, the retail recovery had been sustainable since the end of last year.
It said that shopping traffic had returned in all major shopping malls and commercial centers across the country.
Shoppers had returned to physical stores to enjoy what they missed during the long period of lockdowns last year, it added.
In addition, it said the Chinese New Year festival that started in early January and ended in the middle of February contributed to stronger sales for Malaysian retailers.
Most members of the two retailers' associations are upbeat on retail sales for the next three months' period.
They projected an average growth rate of 25.7 percent during the second quarter with contribution mainly from strong sales during the Hari Raya festival.
The third quarter growth rate, however, is estimated at 3.4 percent due to a low base in the same period a year ago, and spending patterns should begin to normalize during this period.
For the last quarter of this year, the Malaysian retail industry is hopeful of a 3.6 percent growth rate after a rosy performance a year ago.
RGM has also revised upwards Malaysia's annual retail industry growth rate for 2022 to 13.1 percent from 6.3 percent due to the expected strong retail result during the second quarter of this year. ■